According to reports, PTC India Financial Services (PFS) has hit a jackpot in a stake sale in Indian Energy Exchange Ltd (IEX). It raised Rs 70.76 crore by selling 14.01 per cent in IEX at Rs 166.51 a share, a price about 50 per cent higher than that in a similar move last year.

But the scrip moved up just by 90 paise to Rs 15.75 on the NSE, though the counter witnessed huge volumes .

What is interesting is that another key promoter of IEX is Financial Technologies, (India) Ltd which has significant stake in Multi Commodity Exchange of India (MCX). The shares of MCX, which recently went public, are trading at a substantial premium to the offer price. IEX is an unlisted entity.

During FY-2011 it had divested part of stake in IEX at Rs 115.41 a share, indicating that the share price has appreciated by nearly 50 per cent since its previous stake sale. The company had acquired its stake in IEX at Rs 10 a share.

PFS, however, did not disclose the identity of the buyer. PFS had earlier sold a 5 per cent stake in IEX to Bessemer Venture Partners and Lightspeed Venture Partners.

Calendar

Archives

About

Indian belief associates the origin of life with the five basic elements (Pancha – five, Buta – Element) of Wind, Water, Fire, Earth and Space (ether). In Sanskrit, these elements are referred to as Vayu, Jalam (Apah), Agni, Prithvi and Aakasam.

Panchabuta aims to bring to the global audience, the latest news, articles, features and featured companies in the renewable energy and clean tech area in India.